Infosys Q4 net profit up 12 pc; to exit Russia

Infosys announced on Wednesday that the company saw a 12 per cent rise in March quarter net profit and said it is moving its business out of Russia.

IT services major Infosys on Wednesday posted a 12 per cent rise in March quarter net profit and said it is moving its business out of Russia, joining a growing roster of companies pulling out of the country following Moscow’s invasion of Ukraine.

India’s second-largest software services company saw its net profit in January-March surge to Rs 5,686 crore and projected a 13-15 per cent revenue growth in the fiscal year that began on April 1, 2022 on the back of a “strong demand environment” and “robust deal pipeline”.

Infosys hired 85,000 freshers globally and in India during the year ended March 31, 2022, and is planning to hire over 50,000 freshers in FY23.

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However, the firm’s 12-month attrition soared to 27.7 per cent in the March quarter, as an industry-wide war for talent and dynamic demand environment kept the sector’s attrition levels high.

Infosys asserted it is not engaged in any business with Russian clients currently, nor has any such plans going ahead.

“The work we do is for a few of our global clients that have operations in Russia. We have less than 100 employees in Russia. Working with our clients, we are in the process we’ve initiated, how we can transition some of that work, all of that work outside of Russia,” Infosys CEO Salil Parekh told reporters during the Q4 earnings briefing.